A dominant theme in Mr Hayne's final report is that it is time to eliminate the law's own exceptions to these principles – a series of 'loopholes' – often the product of political convenience – that allow the underlying principles to be violated by those with the wit, means and licence to do so.
Perhaps The Banking and Finance Oath was an initiative developed ahead of it's time. But the date of Monday 4 February 2019 has drawn a very clear line in the sand for financial services in Australia. Dr Simon Longstaff explains why now is the time for individuals working in financial services to take the Oath.
Banking royal commission: The world of loopholes has ended
By Dr Simon Longstaff
The final report of the Hayne royal commission is both unsparing and inspired.
Kenneth Hayne casts a wide net in his analysis of what went wrong in Australia's banking and finance industry. However, there is one group on whom he pins ultimate accountability; the boards and senior executives of the entities whom he found to be at fault, "Nothing that is said in this report should be understood as diminishing that responsibility. Everything that is said in this report is to be understood in the light of that one undeniable fact …"
That is the unsparing part of the report.
Kenneth Hayne is inspired in his injunction to all Australian business that it must apply some underlying principles, "These norms of conduct are fundamental precepts. Each is well-established, widely accepted, and easily understood."
obey the law;
do not mislead or deceive;
provide services that are fit for purpose;
deliver services with reasonable care and skill; and
when acting for another, act in the best interests of that other.